Wirecard and Varengold Bank launch partnership

Wirecard and Varengold Bank have launched  a new “strategic cooperation” to help scaling fintech firms with access to capital to refinance loan portfolios and white-label payment solutions.

Hamburg based Varengold Bank has operated in the marketplace lending area for several years with longstanding financing arrangments with a number of UK and European platforms including LendInvest, Grover, and Monedo (formerly Kreditech).

It says the deal will bring its customers closer to Wirecard’s banking-as-a-service offerings. Meanwhile, Wirecard’s customers will benefit from Varengold Bank’s capabilities in creating tailor-made financing solutions. 

Leonard Coen, head of sales financial institutions & fintech Europe at Wirecard said:

“At its core, this collaboration is about fueling the growth of ambitious fintech companies. The partnership with Varengold will provide a unique and meaningful offering, helping customers refinance their loan portfolios while simultaneously accessing market-leading payment solutions. These are complementary services which are in high demand, and therefore will unleash added value to our customers”. 

Lukas Diehl (pictured), Head of Marketplace Banking at Varengold Bank, says refinancing loan portfolios can be a significant challenge for any company, but particularly for fast-growth fintechs in the corporate or consumer credit space looking to expand their operations.

“Our message to FinTechs is that we strive to provide the best services in the market. Wirecard shares this aspiration and, as a preferred partner of Varengold, will be able to provide a range of Banking-as-a-Service solutions that supplement our liquidity and our own fronting services,” he said.